About the Symposium
Welcome to the 5th Saudi-Pak Accountancy Symposium organized by the KSA Committee of Members of the Institute of Chartered Accountants of Pakistan (ICAP), at the Ritz Carlton Hotel Auditorium in Riyadh, Kingdom of Saudi Arabia on May 17, 2017. ICAP KSA Committee of Members has made its mark as the pre-eminent overseas chapter with high its impact and, high visibility in the business corridors of KSA. The ICAP KSA Committee of Members remains grateful to ICAP and SOCPA and also to the Embassy of Pakistan in Saudi Arabia for the continued patronage.
In line with the theme of the Symposium "Vision 2030: Role of the Finance Profession", this event aims to highlight the role of Saudi Vision 2030 in the economic diversification of KSA and the expectation from the CFOs and Finance professionals acting as the stewards and business strategist to be at the forefront of this challenging period.
This Symposium provides a platform for professional services firms, professional bodies, regulators, the public sector and businesses (large and small) to shape the contribution of finance professionals to the success of Saudi Arabia: Vision 2030. Leaders are coming together for a focused day of informative discussion. They will consider the steps being taken to build a strong economy and identify the key pillars of the profession's role in achieving the Vision. Discussion themes will include economic challenges, the adoption of international standards; finding solutions for business transformation challenges and impact of VAT on businesses.
The Symposium will aim to bring together under one roof, the leading practitioners of accountancy and finance from Kingdom of Saudi Arabia and Pakistan. The track record of success, participation, rich and diverse agendas of the previous Saudi-Pak Accountancy Symposiums and coverage of the same in the local and international press has made this event an annual must for the best in the business. Besides, it will also provide a unique networking opportunity to all finance professionals to discuss ideas amongst themselves and the learned speakers.
Session 1 - "Transition to IFRS in Saudi Arabia - Learnings so far"
- How can the profession support investors and boards in understanding the impact of the new basis of preparation?
- Mindset shift: what are the professional skills required for a “principles-based” approach to financial reporting?
- What can business learn about IFRS adoption from the banking sector in Saudi Arabia?
- Exploring viable mechanisms for building the accounting and auditing capacity for a successful and sustainable transition
- Understanding the commercial implications for businesses of the shift to IFRS now and in the future
Session 2 - "Business Transformation: Reviving Corporate Growth Agenda during difficult times"
- Managing multiple triggers: Globalization, economy, technology advancements and challenges of regulatory compliance
- How to respond with flexible solutions that can be implemented
- Developing the right strategic vision that can be executed to achieve desired business results
- Change vs Transformation: Understanding the difference
Session 3 - "Indirect Taxes in the Kingdom: Implications of the VAT and how would it impact businesses?"
- Understanding the macro economic impact of the introduction of VAT
- How long will it take for businesses to establish systems for VAT reporting?
- How do companies plan to build the technical expertise to support VAT implementation?
- Trusted advisors: what can businesses expect from their accountants in preparing for VAT implementation?
Workshop on - "Indirect Taxes in the Kingdom: Implications of VAT and impact on Business"
Part 1 - Theory
- Why VAT?
- How VAT works in principle
- Zero Ratings & Exemptions
- Statutory Obligations
- VAT in International Transactions
Part 2 - Practice
- What business needs to do to prepare for VAT?/li>
- Implementation plans & road maps
- Common Pitfalls for Businesses & Regulator
- VAT Accounting
- Practical & Business Issues